The Clap Raya Holding (RAYA) reported EGP 541 million in net profits for the year ended 2021, compared to net losses of EGP 46 million in 2020. Raya’s Chairman & CEO Medhat Khalil described the group’s 2021 earnings as the “best ever”.
Business driver RAYA’s subsidiary “Raya Distribution” contributed around 50% of the group’s total revenues in 2021. Raya Distribution plans to expand its operations to Nigeria, & will be increasing its capital to fuel the expansion.
Looking ahead RAYA is focusing on expanding its fintech services & manufacturing business. The company is currently in talks with the CBE & FRA to ultimately expand the scope of its non-banking financial services. On the manufacturing side, RAYA is investing heavily in the production of air conditioners & washing machines, with 50% of its sales coming from exports.